Schaeffler India spurts 20% on merger of INA Bearings, LuK India with itself
Resource from: moneycontrol Likes:113
Sep 01,2017
Schaeffler India said the key objective of this merger is to combine strengths and competencies of all three Schaeffler entities in India and establish one strong listed Schaeffler entity in India.
The share price of Schaeffler India (erstwhile FAG Bearings) rallied 20 percent intraday Thursday after the announced merger of two group companies with itself.
"The board of directors, on August 30, approved the scheme of amalgamation of INA Bearings India and LuK India with the company," the rolling bearing manufacturer said in its filing.
The scheme provides for transfer and vesting of entire undertaking of both companies into Schaeffler India and the dissolution of both companies without winding up, it added.
The company has fixed appointed date for the merger as January 1, 2018.
Schaeffler India, which manufactures high precision and rolling bearings, will issue 10 shares to the shareholders of INA Bearings for every 65 shares held and 10 shares to shareholders of LuK India for 35 shares held.
The company said it would issue 14.64 million new equity shares, thereby increasing its outstanding equity shares to 31.26 million.
Shareholding of promoter group after the merger will be 74.13 percent, it added. Promoter group currently owns 51.33 percent in Schaeffler India and 100 percent in LuK India & INA India.
All these companies are part of Schaeffler Group and are engaged in industrial and automotive products and related services.
This merger will create a leading Indian automotive & industrial supplier, also create revenue and cost synergies, enhance the financial profile with higher growth & margin expansion and will establish a diversified product offering," it explained the rationale behind merger.
Schaeffler India said the key objective of this merger is to combine strengths and competencies of all three Schaeffler entities in India and establish one strong listed Schaeffler entity in India.
INA Bearings India is engaged in the business of manufacturing and supply of precision engine, transmission and chassis components while LuK India manufactures clutch systems, dual mass flywheel, transmission automation and hybrid systems to automotive industry.
The company said on proforma basis, for 12 months ending December 2016, the new entity will have Rs 3,570 crore revenue, four plants, one R&D centre and nearly 3,000 employees.
At 13:01 hours IST, the stock price was quoting at Rs 4,914.45, up Rs 651.60, or 15.29 percent amid high volumes on the BSE.
The share price of Schaeffler India (erstwhile FAG Bearings) rallied 20 percent intraday Thursday after the announced merger of two group companies with itself.
"The board of directors, on August 30, approved the scheme of amalgamation of INA Bearings India and LuK India with the company," the rolling bearing manufacturer said in its filing.
The scheme provides for transfer and vesting of entire undertaking of both companies into Schaeffler India and the dissolution of both companies without winding up, it added.
The company has fixed appointed date for the merger as January 1, 2018.
Schaeffler India, which manufactures high precision and rolling bearings, will issue 10 shares to the shareholders of INA Bearings for every 65 shares held and 10 shares to shareholders of LuK India for 35 shares held.
The company said it would issue 14.64 million new equity shares, thereby increasing its outstanding equity shares to 31.26 million.
Shareholding of promoter group after the merger will be 74.13 percent, it added. Promoter group currently owns 51.33 percent in Schaeffler India and 100 percent in LuK India & INA India.
All these companies are part of Schaeffler Group and are engaged in industrial and automotive products and related services.
This merger will create a leading Indian automotive & industrial supplier, also create revenue and cost synergies, enhance the financial profile with higher growth & margin expansion and will establish a diversified product offering," it explained the rationale behind merger.
Schaeffler India said the key objective of this merger is to combine strengths and competencies of all three Schaeffler entities in India and establish one strong listed Schaeffler entity in India.
INA Bearings India is engaged in the business of manufacturing and supply of precision engine, transmission and chassis components while LuK India manufactures clutch systems, dual mass flywheel, transmission automation and hybrid systems to automotive industry.
The company said on proforma basis, for 12 months ending December 2016, the new entity will have Rs 3,570 crore revenue, four plants, one R&D centre and nearly 3,000 employees.
At 13:01 hours IST, the stock price was quoting at Rs 4,914.45, up Rs 651.60, or 15.29 percent amid high volumes on the BSE.
(moneycontrol)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous Ball Bearings 2017 Global Market Expected to Grow at CAGR 4.58 % and Forecast to 2021
Next German Bearings Maker Schaeffler To Merge Three Indian Companies
Next German Bearings Maker Schaeffler To Merge Three Indian Companies
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
